Gold looking bullish
Gold has been on a wild rollercoaster ride since the FOMC meeting last Wednesday. Gold prices traded to a monthly high of 1854 before crashing back down and making a new monthly low at 1780. However, there were several key things to note about this gold selloff that we mentioned. Firstly, the new monthly low failed to close below that price on the daily candle before getting bought up again, a very bullish sign. Secondly, a technical head and shoulder pattern was beginning to emerge on gold prices with a key neckline nested at a fib level as well. This all suggests that gold was seeing buyers coming in to support the price. As of now, we are currently sitting at a resistance point at 1807. However, more bullish sentiment could take us to the 1816 or 1826 area. If we fail to catch at bid, watch out for support at the neckline/fib level around 1800's.
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